Ghana’s inflation hits 23.5% in January 2024

After declining for five consecutive months, inflation saw a minor uptick in January 2024, reaching 23.5 percent, according to data recently released by the Ghana Statistical Service.

On Wednesday, February 14, 2024, government statistician Samuel Kobina Annim declared that annual inflation had increased from 23.2 percent in December.

The primary cause of the year-over-year increase in inflation was a notable increase in non-food items such as housing, clothing, and transportation. Inflation outside of food increased from 18.7 percent in December 2023 to 20.5 percent in January 2024.

But food inflation did continue to decline, if only slightly, from 28.7 percent in December 2023 to 27.1 percent in January 2024.

Food inflation was estimated to be 1.6 percent month-over-month, while non-food inflation was estimated to be 2.4 percent.

Inflation rates in seven divisions were found to be higher than the national average, including Restaurants and Accommodation Services (29.2 percent); Personal Care, Social Protection, and Miscellaneous Goods and Services (32.0 percent); and Alcoholic Beverages, Tobacco, and Narcotics (38.5 percent).

Ten of the fifteen Sub-Classes with food inflation rates recorded rates higher than the overall food inflation rate of 28.7 percent; the highest rates were recorded by Cocoa Drinks (73.5 percent) and Tea and related products (71.2 percent).

Regionally, the Greater Accra Region reported the lowest rate of inflation at 18 percent, while the Eastern Region recorded the highest rate at 37.1 percent, mostly due to food prices.

Source: Ghanatodayonline.com